Observations:
Downtrend in Progress: The chart shows a strong downtrend, with a steep decline followed by a small retracement.
Wave Structure:
The large drop could be Wave 3 (impulsive).
The current minor pullback may be Wave 4 (corrective).
If this is true, a Wave 5 downward move might follow.
Expected Next Move:
If the correction (Wave 4) is not complete: A bit more upward retracement could occur before the final Wave 5 drop.
If Wave 4 is complete: The market could enter Wave 5, leading to another leg down.
Confirmation:
A break below recent lows confirms Wave 5 down.
A strong bounce above 22,186–22,240 could mean the downtrend is weakening.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.